UAE Minister of Commerce unveils plans to develop free zones in Syria

UAE Minister of Foreign Trade Thani Al Zeyoudi revealed  to CNBC  Arabia the details of the UAE's upcoming strategic plans and economic initiatives in the sectors of investment and foreign trade, especially with Syria.

In statements to the network, the Emirati minister stressed  the existence of practical directions and advanced studies to expand investment partnerships in the region, develop logistics corridors, in addition to restructuring oil export routes through new routes including Iraq, Turkey and Syria to enhance supply security and sustain regional economic growth in the coming stages.

Investment and Development Projects in Syria

UAE Minister of Foreign Trade Thani Al Zeyoudi confirmed that there are integrated plans to develop a number of free zones in Syria with the aim of stimulating trade and the exchange of goods between the two countries andthe region.

 Al Zeyoudi explained that the competent authorities are witnessing progress in feasibility studies for agricultural projects aimed at enhancing food security and increasing production.

The minister added that the UAE is studying in detail the investment opportunities available in the Syrian banking sector, in addition to exploring promising opportunities in the technology sector and modern technologies to support infrastructure and digital development.

 Al-Zeyoudi said that expectations indicate that the field executive steps for real estate projects led by Emirati businessman Mohammed Alabbar will begin in Syria within a period of two to three months.

 The Emirati official said that these moves come within the framework of strengthening comprehensive economic cooperation and investing in investment opportunities offered by regional markets, noting that the technical committees and investment teams continue to review plans and details to overcome any obstacles and implement projects according to the specified time frames.

Plan to reduce dependence on the Strait of Hormuz

Dr. Thani Al Zeyoudi announced that the UAE has started implementing a strategic plan aimed at reducing dependence on the Strait of Hormuz to reach zero dependence, especially with regard to the oil sector and energy exports to global markets.

The Minister of Foreign Trade explained to CNBC Arabia that work is currently underway to prepare the alternative route for the export of UAE oil, expecting that this route will be ready and activated before the end of this year.

The Minister pointed out that the concerned Emirati authorities are currently conducting intensive studies to establish a third route for the export of oil, explaining that this additional track aims to accommodate any future expansions in production processes and to face the increasing movement of energy demand.

These steps come as part of a comprehensive strategic vision to ensure the continuity of the flow of oil supplies to international markets away from narrow corridors or geographical points that may witness logistical challenges, Al Zeyoudi said.

A logistics hub linking the UAE to Iraq and Turkey

The UAE Minister of Foreign Trade said that linking the UAE to the Iraqi city of Basra, and from there to Turkey and Syria, represents a promising strategic project and is crucial to revitalize regional and international supply chains.

 Al Zeyoudi said that the UAE government plans to accelerate the pace of investments related to the development of this vital trade hub linking Turkey to Basra in the coming period, which will strengthen the region's position as a global transit and transport hub that will reflect positively on the movement of non-oil trade.

The Emirati minister stated that the expansion of trade corridors and land and sea ports is a key pillar in economic diversification, stressing the continuation of communication and coordination with regional partners to achieve integration and sustainable development in all vital sectors